General Motors Corp. posts a record annual loss of $38.7 billion but also provides better-than-expected guidance for 2008 and offers a richer, wider-ranging buyout package for its unionized hourly workers. The attrition would clear the way for GM to hire replacements at a lower wage-rate, in accordance with a new contract provision negotiated in 2007 with the United Auto Workers union. Late last year, the auto maker announced a buyout offer to union employees at select locations. But GM ...

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